May 10, 2019 / 3:13 PM / 17 days ago

Occidental Petroleum CEO defends premium for Berkshire Hathaway investment

FILE PHOTO: Vicki Hollub, President and CEO of Occidental Petroleum, speaks at the 2019 Milken Institute Global Conference in Beverly Hills, California, U.S., April 29, 2019. REUTERS/Lucy Nicholson

HOUSTON (Reuters) - Occidental Petroleum Corp Chief Executive Officer Vicki Hollub on Friday defended the company’s deal with Berkshire Hathaway Inc’s Warren Buffett that paved the way to winning its $38 billion acquisition of Anadarko Petroleum Corp.

Hollub told shareholders at the company’s annual meeting that with the sale of preferred shares, “timing was critical.” Occidental investors criticized the investment as overly expensive because of its 8 percent annual dividend.

Reporting by Erwin Seba; Editing by Jeffrey Benkoe

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